statebank.co.za How To Open Savings Bank Account : State Bank of India South Africa

Name of the Organization : State Bank of India South Africa
Type of Facility : How To Open Savings Bank Account
Head Office : Johannesburg
Website : https://za.statebank/home

State Bank How To Open Savings Account

** Savings Bank Account is a basic demand deposit scheme to inculcate the savings habit among people.

Related : State Bank of India South Africa Register For Internet Banking : www.southafricain.com/11104.html

Savings Bank Account

** It is primarily an operating account for non-commercial transactions. It helps one to put through day to day banking transactions besides earning some return on the savings made.

Features

** Opened easily with ZAR 250 (minimum)
** Attractive interest rates. Please click on interest rates for detail of interest rates in Savings Bank Account.
** Statement of account is sent through e-mail monthly.
** Access to cash at any ATM across South Africa.
** ZAR transfer to any bank in South Africa through online EFT/ RTGS.

** Direct Debit ECS facility
** Receive remittance from any bank
** Send remittance to any country
** Online INR Remittance facility
** Low monthly account maintenance fee (currently Rand 10 per month)

Benefits

** Free ATM-cum-Debit Card, Internet banking facilities, swipe at any POS terminal all merchant establishments, cash withdrawal at POS terminals, online investments facilities, SMS alerts of all transactions, online statements of accounts.
** Earn interest income up to 3.50% at month end

Eligibility

** Savings Bank account can be opened by any individual in his sole name, by two or more individuals in joint names with various options for mode of operation, having independent source of income.

Documents Required

Following documents are required for opening of Savings Bank account with the Bank :
** SB Account opening form. Please click on Account opening form to download the form.
** Proof of identity – copy of valid Passport and work permit / South African resident ID

** Proof of residence – copy of current electricity / water bill, lease agreement. In case, the accommodation is provided by the company, a letter from the company stating the same along with copy of bank statement mentioning the residential address. ( Not a PO Box address)

** Proof of Employment – copy of employment contract or latest salary slip.
** One passport size photograph.
** Please provide original documents to the branch for verification of copies.

Interest Rates

** Interest on savings Bank account is paid at monthly intervals on daily balance in the account. Please click here for detail of Interest rates in Savings Bank Account.

Savings Bank Plus Account

Bank offer ‘Savings Bank Plus Account’ with three special variants of Savings Accounts with added benefits and concessions with the following minimum balance amounts.
Silver Savings : ZAR 5,000
Gold Savings : ZAR 10,000
Platinum Savings : ZAR 15,000
** Please click here for various concessions available under the Savings Bank Plus Account scheme.

Call Deposit Account

** Call Deposit Account is basically a demand deposit account with the benefits of term deposit account.

Benefits

** Easy liquidity – funds can be withdrawn at any time by giving prior notice to the Bank.
** Preferential Interest Rate close to that on Term Deposits
** Interest paid at month end and thus compounded monthly.

Features

** Minimum Deposit of ZAR 25,000 for Individuals.
** Opened in ZAR currency.
** Account is opened by transfer of money from other accounts.
** Call Deposit Account is not an operative account.

Current Account

Features :
** Individuals are eligible to open Current Accounts.
** Current Account can be opened in ZAR, USD, GBP currencies.
** No interest is paid in Current Accounts.